India to flex market muscle to secure better deals from shaky Opec

India will flex its market muscle to secure better terms from Opec when ministers from the cartel of oil exporting countries, accounting for roughly 35% of global supplies, meet this week to discuss extending the production cut deal to prop up prices.

Oil minister Dharmendra Pradhan is expected to drive a hard bargain at the Opec ministerial meeting in Vienna on May 25 as the grouping finds itself on shaky ground in the face of a growing US fracking industry.

“PM Narendra Modi has set India on a path of rapid and high growth. We need affordable and sustainable supply of energy to fuel this growth, to alleviate the lives of our poor. Read More…